BNP Paribas wins custody mandate from Fineco Asset Management

French custodian looks to close 2018 strong with second mandate in December.

By Jonathan Watkins

BNP Paribas Securities Services has won a mandate to provide Fineco Asset Management with a range of custody and depositary banking services in Ireland.

The custodian will provide the asset manager with global custody, depositary banking, fund administration and transfer agency services, as well as OTC derivative valuation and passive currency overlay services.

The mandate looks set to help BNP Paribas Securities Services continue its run of quarterly increases in assets under custody after posting 2% yearly rises in Q2 and Q3 this year. These upticks followed the landmark $138 billion in assets under custody deal with Janus Henderson which closed in Q1.

Fineco Asset Management, the Irish asset management arm wholly owned by Italian group FinecoBank, was established in May 2018 to manage assets through direct funds, funds of funds and through strategic partnerships with the best international managers on the market. It currently manages €8.6 billion in assets, as of October 2018.

“We are delighted with the collaboration that Fineco Asset Management has started with BNP Paribas Securities Services which began with a feasibility analysis and grew into the development of a fund creation process. The entire process was managed with an innovative approach and fast turnaround, enabling the launch of 40 funds in less than a year,” said Fabio Melisso, CEO of Fineco Asset Management.

On 13 December, Global Custodian reported that BNP Paribas had been mandated by online stock broker CMC Markets to provide global custody and settlement services for its $600 million of assets in Australia.

BNP Paribas will provide CMC Markets with custody and settlement services for international equities, exchange traded funds (ETF) depository receipts, and closed-end funds across 11 countries.